July 5 (THEWILL) — The Nigeria Deposit Insurance Corporation (NDIC), has been appointed as the official Liquidator of the 46 Microfinance Banks (MfBs) whose licences were revoked on July 1, 2026, by the Central Bank of Nigeria (CBN). The role of the NDIC in the process is pursuant to Section 12 (2) of BOFIA 2020, and Section 55 (1 & 2) of the NDIC Act 2023.
It is in this capacity that the Corporation has to inform the depositors of the banks in particular and the general public in general that the affected institutions are no longer authorised to conduct banking business in Nigeria. The NDIC has commenced the process of the orderly closure of the failed banks with their immediate takeover, verification and payment of insured sums to eligible depositors.
Consequently, members of the public are strongly advised against any unauthorised transaction with the closed banks, or any attempt by individuals to remove, conceal, retain, or interfere with the assets, records, or properties of the banks, as this may constitute a violation of the law that could attract appropriate legal consequences.
The CBN said the revocation was approved after the affected institutions failed to satisfy the regulatory conditions required to continue operating as licensed financial institutions.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” it stated, adding that the decision became necessary because one or more of several infractions were established against the affected institutions.
These included insufficient assets to meet liabilities, closure of operations without the approval of the CBN, prolonged inactivity and cessation of financial intermediation, failure to commence operations within 12 months of receiving licences and failure to maintain the prescribed minimum capital unimpaired by losses.
The list of the affected MFBs is as follows:
- Minji-Se Churchill MFB (Tier 1) Rivers
- Merchant MFB (Tier 2) Abia
- Janmaa MFB (Tier 1) Kwara
- Busu MFB (Tier 2) Niger
- Gold MFB (Tier 1) Lagos
- Zain MFB (foremerly Dawakin Tofa MFB) (Tier 2) Kano
- Bompai MFB (Tier 1) Kano
- Ajwa MFB (Formerly Gezawa) (Tier 2) Kano
- Now Now Digital MFB (Tier 2) Kano
- Crystabel Microfinance Bank (Tier 1) Bayelsa
- Chanelle MFB (State-level) Lagos
- Abia SME MFB (Tier 1) Abia
- Kamba MFB (Tier 2) Kebbi
- 14 Iwade MFB (Tier 2) Ogun
- Winview MFB (Tier 1) Abuja
- uru MFB (Tier 2) Kebbi
- Minjibir MFB (Tier 1) Kano
- Shanono MFB (Tier 2) Kano
- Sumaila MFB (Tier 2) Kano
- Rimin Gado MFB (Tier 2) Kano
- Mwaghavul MFB (State-level) Plateau
- Sycamore MFB (Tier 2) Kano
- TOFA MFB (Tier 2) Kano
- Safegate MFB (Tier 1) Lagos
- Creekline MFB Delta (Tier 2)
- Bestar MFB (Tier 1) Oyo
- Livingspring MFB (Tier 1) Cross River
- Apple MFB (Tier 2) Ogun
- Stanford MFB (State level) Uyo
- Frontline MFB (Tier 2) Anambra
- Zafec MFB (Tier 2) Kaduna
- Supreme MFB (Tier 1) Lagos
- Bejin-Doko MFB (Tier 2) Niger
- Kanopoly MFB (Tier 1) Kano
- Bellbank MFB formerly Tsanyawa (Tier 2) Kano
- Yeneng MFB (Tier 2) Plateau
- Creditville MFB (Tier 1) Lagos
- MBAG MFB (Tier 1) Lagos
- STRAIGHT SAHARA MFB (Tier 1) Benue
- OURPASS MFB (Tier 2) Ondo
- VERDANT MFB (Tier 1) Lagos
- BASAWA MFB (Tier 2) Kaduna
- CASHA MFB (Tier 2) Abuja
- ESTEEM MFB (Tier 2) Kano
- ENTREPRENEUR MFB (Tier 1) Lagos
- AVANTUS MFB (Tier 2) Osun
Depositors and the general public would be duly informed on an ongoing basis on further steps to be taken regarding the liquidation exercise.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
